(Alliance News) - Ebiquity PLC on Wednesday said it continues to "re-engineer" the business to deliver improved performance and profitability in the medium-term.
The AIM stock was 21% higher in London in early trade at 31.40 pence a share.
The marketing and media consultancy company said its trading in 2019 was in line with expectations, with performance in the second half of the year consistent with the trend reported in the first half.
Ebiquity said it experienced "good" revenue growth in its Advanced Analytics, AdTech and Contract Compliance practices and maintained "tight" control of operating costs.
Less positively, the company said its Media practice revenue fell slightly compared to the previous year.
As at December 31, Ebiquity said its debt stood at GBP5.8 million versus GBP7.0 million as at the end of June and GBP28 million a year ago. These reductions have provided greater financial flexibility to support future developments, the company said.
Looking ahead, Ebiquity said it remains confident that it will be able to fulfil its potential and deliver improved performance in the medium term.
"We are pleased to have met expectations in the last year in terms of profitability and grown high potential areas of our business. We continue to re-engineer the business to deliver profitable growth and seize market opportunities that reinforce our position as the leading, independent global media and marketing consultancy, including those arising from the closure of Accenture's media auditing practice," said Interim Chief Executive Alan Newman.
Ebiquity said it will report its annual results on March 26.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Ebiquity (EBQ)